Would Crypto rise in a recession

A recent survey sound that 72% of investors think cryptocurrencies would rise in a recession. I agree with them up to a certain point. I think in a regular recession or even in the “great recession” like the one in 2008, cryptocurrency prices would indeed rise because people would lose some faith in the government and the banking system to serve everyone. This is especially true for less table countries as has been shown by Venezuela, Turkey, and Iran with investors flocking to Bitcoin. However, in a full blown depression like the 1929, if it happened in first world countries I think crypto would suffer greatly just like fiat currencies because people would lose faith in all assets not backed by anything and would barter in solid goods like Food, Gold, or Silver. So I think that up to a certain extent Crypto will grow in a recession but if things really start collapsing, then we will see a drop-off in crypto as well.

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